Monthly Archives for March, 2013

Budget

March 22, 2013
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The Chancellor of the Exchequer, George Osborne, announced his budget on 20th March 2013. Below is a list of the key changes and how they may affect you personally and your business. Read More

Key Dates

March 15, 2013
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Key dates in the financial calendar... Read More

Client News

March 15, 2013
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Congratulations to the Re-Gen Newspaper Group which recently published its 100th edition.The Re-Gen publishes free newspapers covering the North of Glasgow, the East of Glasgow and, most recently, North Lanarkshire. For more information see www.regennewspapers.co.uk Read More

Changing Bank Details

March 15, 2013
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All employers who make a PAYE payment to HMRC without using a payslip should ensure they use the following bank account details for 2013-14 and future years:

Sort Code: 083210

Account No: 12001039

Account Name: HMRC Cumbernauld

Please ensure you check that the bank details you have set up for paying PAYE are correct to avoid any penalties being issued for late payment.

Annual Investment Allowance

March 15, 2013
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There has been a temporary increase in the Annual Investment Allowance (AIA) from £25,000 to £250,000 for capital expenditure incurred on eligible plant and machinery, including both new and used, but not cars. This increase is valid between 1st January 2013 and 1st January 2015, after this time the rate will be reduced back down to £25,000. It is applicable to ALL businesses including sole traders and partnerships.If you are considering buying plant and machinery, we would urge you to do it within this time frame as purchases up to a combined total of £250,000 will attract tax relief of 100%, which can significantly reduce any tax liability.

New Personal Allowance

March 15, 2013
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The personal allowance (tax-free income) for 2013/14 will be £9,440. This means that an individual can earn £181.54 per week (approx £787 per month) tax free.The NIC thresholds will not increase by as much, therefore an employee will start to pay NICs on income below the tax-free threshold. In 2013/14 the class 1 primary NI earnings threshold for employees will be £149 per week (£7,755 per year). Employers will pay class 1 NI on wages of £148 or more per week (£7,700 per year).

Real Time Information

March 15, 2013
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Is your company ready for the biggest changes in PAYE since 1944?As of 6th April 2013 employers will be required to report PAYE information in ‘Real Time’. If you prepare your own payroll, we would advise that you read the following questions carefully to determine whether you are in a position to deal with Real Time.
  • Is your payroll programme Real Time compatible?
  • Have you checked that the information held for each employee is correct?
  • Do you know the procedures for submitting the information to HMRC?
If you answer ‘No’ to any of these questions we would strongly suggest that you familiarise yourself with Real Time and the necessary procedures involved as HMRC will issue fines to companies that submit the wrong information and who fail to submit on time.
All our existing payroll clients will shortly be receiving a letter explaining the changes in greater detail. This letter is extremely important and must be read carefully.
In addition you should be aware that anyone who earns £109 must now be included on the payroll.
If you do not feel ready or able to deal with these changes then why not let Curle & Co take the stress from you and let us prepare and process your payroll. Please call either Gareth Curle or Jean McWhinnie to discuss this further.